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UK GAS-Prices fall on oversupply, strong wind amid Norwegian worker strike

Fri, 9th Oct 2020 10:25

LONDON, Oct 9 (Reuters) - British wholesale gas prices were
lower on Friday morning as strong wind power output curbed
demand for gas from power plants and an oversupplied system
muted the impact of an ongoing Norwegian worker strike.

* The day-ahead contract was 0.35 pence lower at
pence per therm by 0915 GMT.

* The weekend contract was down by 0.55 pence at

* "The market is over-supplied and wind power is quite
which is curbing gas-for-power demand," a gas trader said.

* Norwegian flows to Britain were slightly up on the
previous day
at 87 million cubic metres (mcm), despite an oil and gas worker

* Oil firms and labour officials said they will meet with a
state-appointed mediator on Friday in an attempt both sides hope
will bring an end to a strike that threatens to cut Norway's oil
and gas output by some 25%.

* Demand was forecast at 202 million cubic metres (mcm) and
at 224 mcm/day, National Grid data shows.

* UK Continental Shelf flows are nominated 6 mcm higher at
122 mcm
as St Fergus Shell is flowing higher. However, Teeside PX is
flowing at zero since yesterday afternoon with no notification
for the reason, Refinitiv Eikon data shows.

* "Next week, Norweigan strikes will once again be key to
action resolution could see some derisking of near curve
contracts. Conversely, any negative escalation will be bullish
and we could see the 40 p/therm handle tested," said Refinitiv
head of gas research Wayne Bryan.

* Peak wind generation is forecast at 10.1 gigawatts (GW) on
Friday and the next day, out of total metered capacity of 18 GW,
Elexon data shows.

* Temperatures are forecast to rise to 12 degrees tomorrow
slumping below the seasonal norm for around seven days.

* The November gas price at the Dutch TTF hub
down by 0.23 euro at 13.72 euros per megawatt hour (MWh).

* The price at which gas stays competitive in the power
sector has
been rising sharply in recent weeks on the back of rallying
European coal prices, said analysts at Energy Aspects.

* "We expect Nov-20 and Dec-20 API2 (coal futures) prices
rise to around $65/tonne, up from the month-ahead price of
$56.70/tonne today, which would push the 5% fuel switch trigger
to 12.50 euros/MWh," they said.

* The benchmark Dec-20 EU carbon contract was down
euro at 26.08 euros per tonne.
(Reporting by Nina Chestney)

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